Has the Vail Real Estate Market Started to Turn Around?

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Despite trends that indicate real estate is still suffering from nationwide economic setbacks, the Vail real estate market is showing promising signs of recovery. According to Trevor Thelke of the Colorado-based Land Title Company, Eagle County had 99 transactions in August 2009, the largest monthly total since December of last year. Thelke goes on to assure sellers that the total dollar volume in August showed the second best month for all of 2009, with more than $91 million. This brings the area's total dollar real estate volume for the year to more than half a billion dollars - a far cry from the tales of woe that still dominate the real estate market elsewhere in the United States.

Despite trends that indicate real estate is still suffering from nationwide economic setbacks, the Vail real estate market is showing promising signs of recovery. According to Trevor Thelke of the Colorado-based Land Title Company, Eagle County had 99 transactions in August 2009, the largest monthly total since December of last year. Thelke goes on to assure sellers that the total dollar volume in August showed the second best month for all of 2009, with more than $91 million. This brings the area's total dollar real estate volume for the year to more than half a billion dollars - a far cry from the tales of woe that still dominate the real estate market elsewhere in the United States.

During the first eight months of 2009, there have been a total of 530 real estate transactions closed in Eagle County. Of the biggest sales in this area, recognition goes specifically to Vail, Bachelor Gulch, and Vail Village. Through the first eight months of 2009, Eagle had the most transactions with 77; Vail Village had the highest dollar volume at $64,083,600; and Bachelor Gulch had the highest average sales price at $4,387,500.

Vail Village had the further distinction of the highest sales price for a residential transaction at $15,950,000. However, not all homes sold have been at the multi-million dollar level; in fact, year-to-date, 67 percent of all residential transactions that have sold are under the $1 million mark. Three percent of all residential transactions sold have been over $5 million. Says Dave Cole of Prudential Colorado Properties, "The large percentage of sales of properties priced up to $1 million reflects the $8,000 income tax credit program for first-time buyers."

Despite these promising numbers and a continuation of the tax credit for buyers interested in making their first home purchase, Cole remains cautiously optimistic. "While the August sales figures are a positive development," he asserts, "it is too early to tell whether the Vail real estate market has started to turn around for good."

It's this kind of realistic approach that allows Cole to continue generating such promising numbers. With the August highlights firmly under his belt, he and his company, Prudential Colorado Properties, are looking forward to the figures for the rest of the year in both residential and luxury properties in Eagle County.

August Highlights:

  • Eagle had the most transactions with 15.
  • Bachelor Gulch had 3 transactions which made for the highest dollar volume and the highest average sales price for the month.

The highlights of the luxury portion of the market for August 2009 are as follows:

Area     Sales Volume     Number of Transactions     Average Price
Vail Village     $ 9,113,000         3         $3,037,667
Lionshead     $ 1,462,000         3         $487,333
Beaver Creek $11,305,000     5         $2,261,000
Bachelor Gulch $13,050,000     3         $4,350,000

Totals:     $34,930,000         14

Looking at the market from a different perspective on a year-to-date basis through August sales prices up to $1,000,000 totaled 67% of the number of units sold. Sales between $1 million and $2 million totaled 17% of the sales unit volume while sales over $2 million totaled 16% of the total.

The above statistics were for improved residential properties only. These figures do not include land sales and commercial property transactions.

About Prudential Colorado Properties

David L Cole is a luxury condominium specialist in Vail Village and Lionshead. He founded the Vail Board of REALTORS and has been a Vail/Beaver Creek real estate advisor since 1972.

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